BOI to provide perks vehicle body builders jeepney modernization program
Local makers of vehicle bodies may enjoy incentives under the Public Utility Vehicle (PUV) Modernization Program, Department of Trade and Industry (DTI) Secretary Ramon Lopez said Thursday.
At the press conference of the 1st Philippine Auto Parts Expo (PHILAPEX) in Pasay City, Lopez said the PUV Modernization Program would promote the use of locally manufactured body for vehicles that would replace 15-year old PUVs.
“This time, registered participants could be body builders, and they are free to use different platforms,” he said noting that car companies supplying engines for PUV Modernization Program participants will no longer receive incentives from the government.
“It’s already their business to sell their platform. They don’t need incentives for that since platform is generic. They will not produce something new, so they don’t need the incentives,” Lopez added.
The trade chief noted that the government was still finalizing the rules on how it would provide perks for companies that would participate in the PUV Modernization Program.
Lopez likened the incentive program for the PUV modernization would be akin to the Comprehensive Automotive Resurgence Strategy (CARS) Program.
He hoped to finalize the rules on the grant of fiscal incentives within the year to implement the program by 2018. (PNA)